Solana News Today: Pump.fun’s Buybacks Reshape Meme Coin Power Dynamics

Pump.fun, a prominent Solana-based memecoin launchpad, executed a $12.19 million buyback of its native token PUMP between August 28 and September 3. This buyback accounted for 98.23% of the platform’s weekly revenue, further reducing PUMP’s circulating supply by 5.36% since the buyback program began. Total buyback value now stands at nearly $72 million, demonstrating a sustained effort to absorb supply and stabilize the token’s price [1].

The recent buyback follows a $10.6 million repurchase in the prior week and a $33 million repurchase earlier in August. These consistent, large-scale purchases highlight the platform’s institutional-scale activity and its commitment to maintaining PUMP’s market position. The platform currently controls 77% of Solana’s meme coin launchpad market, a position reinforced by its ability to generate over $58 million in buybacks and its 73% market share in the last seven days, compared to its competitor, LetsBonk.fun, which has less than 9% [2].

Pump.fun also launched “Project Ascend,” an initiative aimed at restructuring its fee model to incentivize long-term project sustainability. The first component of this initiative, Dynamic Fees V1, introduces a tiered fee system that reduces creator costs as projects scale. This approach is intended to allow creators to “earn 10x more” over time and to reward projects that remain active on the platform. The announcement of Project Ascend led to a 14% price surge in PUMP, contributing to the token’s recent 8% gain in value following the latest buyback [1].

The impact of Pump.fun’s buyback strategy is evident in PUMP’s price trajectory. After dropping to a low of $0.002282 in August, the token rebounded to $0.003522, representing a 54% increase. On-chain data also indicates growing retail participation, with unique PUMP holders exceeding 70,800. Smaller wallets now account for 46% of the token’s distribution, signaling a broadening of ownership [3].

Pump.fun’s dominance in Solana’s meme coin ecosystem is further supported by its recent performance in token creation. SPL tokens created on the network reached 48,081 on September 4, the highest level since mid-August, indicating heightened activity and user engagement [5]. The platform has also expanded its footprint through strategic moves, such as the acquisition of wallet-tracking tool Kolscan and the launch of the Glass Full Foundation, a liquidity fund designed to support community-driven projects on Solana [4].

Despite its success, Pump.fun faces legal challenges, including a $5.5 billion class-action lawsuit alleging the platform uses “guerrilla marketing” tactics to generate artificial hype around volatile tokens. The plaintiffs describe Pump.fun as an “unlicensed casino” and liken it to a “rigged slot machine,” where early participants profit by offloading tokens onto later entrants [3]. The legal pressure underscores the broader risks associated with the fast-moving, speculative nature of the memecoin space.

Source:

[1] Pump.fun Announces Another Buyback as PUMP Price Rises 8% (https://coingape.com/pump-fun-announces-another-buyback-as-pump-price-rises-8/)

[2] Pump.fun Executes $12.19M Buyback and Launches Project (https://coincentral.com/pump-fun-executes-12-19-million-buyback-as-circulating-supply-shrinks/)

[3] Pump.fun spends over $62M on buybacks to boost PUMP (https://cointelegraph.com/news/pump-fun-62m-buybacks-pump-token-price)

[4] Solana Meme Coin Launchpad Pump.fun Rolls Out “Project Ascend” (https://finance.yahoo.com/news/solana-meme-coin-launchpad-pump-214916758.html)

[5] Pump.fun's new model revives the Solana-based meme coin rally (https://www.mitrade.com/insights/news/live-news/article-3-1095300-20250904)